Within one year of initial participation as a certified tier I or tier II municipality, a participating municipality may develop a comprehensive economic development plan designed to increase the tax base of the municipality to a level that will allow the municipality to provide an adequate level of municipal services. The plan shall be approved by the legislative authority of the municipality. If at any time after the comprehensive economic development plan has been completed and the municipality fails to show substantial progress in meeting the goals of the plan, the state may suspend further assistance to the municipality. The secretary, in consultation with the Commissioner of Economic and Community Development, shall evaluate the comprehensive economic development plan annually. The secretary may provide qualified staff and financial assistance to the qualifying municipality for purposes of developing a comprehensive economic development plan.
(P.A. 93-421, S. 20, 22; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; June Sp. Sess. P.A. 17-2, S. 374.)
History: P.A. 93-421 effective July 1, 1993; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development; June Sp. Sess. P.A. 17-2 added reference to certified tier I or tier II municipality and made a technical change, effective October 31, 2017.
Structure Connecticut General Statutes
Chapter 117 - Municipal Deficit Financing
Section 7-561. - Establishment of property tax intercept procedure and debt service payment fund.
Section 7-563. - Indenture or other agreements.
Section 7-564. - Rights and remedies of holders of general obligations.
Section 7-565. - State pledge to holders of general obligations.
Section 7-566. - Municipal petition to become a debtor.
Section 7-567. - Additional property tax to pay current year's expenses.
Section 7-570. - Issuance of additional general obligations.
Section 7-571. - Establishment of special capital reserve fund to secure general obligations.
Section 7-576h. - Property tax levy by tier II, III or IV municipality. Limitation. Exception.
Section 7-577. - Attorney General to apply for writ of mandamus.
Section 7-578. - Municipal comprehensive economic development plan to increase tax base.
Section 7-579. - Definition of deficit obligation re town and city of New Haven.